Outgoing House Ways and Means Committee chairman Kevin Brady yesterday appeared to respond to concerns that President Trump's Tax Cuts and Jobs Act – signed into law in late December 2017 – set the stage for a number of unintended and potentially damaging consequences, with the publication of a discussion draft document that invites public comment on a number of proposed "fixes."
However, Washington observers said it was unclear whether the discussion document would have a future once the Democrats took charge of the House of Representatives, as the new legislative session begins.
The 91-page draft document includes a number of fixes for some other recent bills as well as for the Tax Cuts and Jobs Act.
“Following the successful and historic rewrite of our federal tax code, the technical corrections process ensures that the implementation of the Tax Cuts and Jobs Act is consistent with Congressional intent," Brady, pictured left, said in a statement accompanying the release of the discussion document.
"We are releasing this discussion draft of technical corrections with respect to the TCJA and other tax legislation to inform stakeholders and provide the American people an opportunity to submit feedback on the draft provisions.
"I look forward to gaining valuable feedback from the public and working with my colleagues in the House and Senate on both sides of the aisle, as we continue to provide clarity and certainty for job creators across the country seeking to invest in their workers and our communities."
Tax industry experts have said that the speed with which the Tax Cuts and Jobs Act was completed in the closing days of 2017 meant that its unintentional effects on, for example, small overseas businesses owned by American citizens had not been foreseen, and thus weren't provided for.
- La Torre Jeker: Impact of TCJA on expats’ overseas properties’ finances
- U.S. Treasury finally cuts expat small-biz owners some GILTI slack
- Liz Zitzow: U.S. Treasury expected to unveil ‘good news’ for overseas small-biz taxpayers over GILTI, Section 965
- National Taxpayer Advocate's 2018 Annual Report to Congress seen to ignore expat taxpayers' issues
- IRS publishes ‘user-friendly guide’ to Tax Cuts and Jobs Act